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Already, Wake County is allowed an "adjustment" to assessments every four years.
There is a fairness consideration. Some properties have great appreciation year to year, and some don't. As the system now works, properties with rapid appreciation don't pay taxes on appreciation until either a minor adjustment at year 4, or with a full reassessment in year eight.
So, the properties with very stable values pay a higher share of tax many years between full reassessments.
4 year, or annual, reassessment should help balance the load.
It does not readily follow that either taxes or revenue would be increased merely by more frequent reassessment, as the county would then set tax rates to produce needed revenue on an annual basis, just as they have done for many years.
In Virginia it is done every year. I think 90%+ of assessments are done with a computer program. You can almost see a pattern!
It's done every 2-3 years in many areas of Virginia (I believe at least every 3 years is the law). The three northern Va counties and one independent city I have lived in do it every year however. I wouldn't say I was a big fan of that, but it is what it is.
Location: Chapel Hill, NC, formerly NoVA and Phila
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Originally Posted by Waterboy526
It's done every 2-3 years in many areas of Virginia (I believe at least every 3 years is the law). The three northern Va counties and one independent city I have lived in do it every year however. I wouldn't say I was a big fan of that, but it is what it is.
Ahh - I thought it was every year throughout the state. But yes, in Fairfax County where I lived, it was done yearly. It was always "fun" to see what our new appraisal would be each year. Ideally you want it low until the year you sell.
This is another way rotten states can steal homes because of paper appreciation.
One decent thing California did was to prevent tax increases based on property values as long as you owned the home. After you sold it, reassessment would be done for the new owner.
This keeps decent people from being pushed out because of escalating values that only would come into play on sale of the property.
Tax rate increases would continue but no bump up when values change.
This is another way rotten states can steal homes because of paper appreciation.
One decent thing California did was to prevent tax increases based on property values as long as you owned the home. After you sold it, reassessment would be done for the new owner.
This keeps decent people from being pushed out because of escalating values that only would come into play on sale of the property.
Tax rate increases would continue but no bump up when values change.
NC has always done reappraisals.
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But wouldn't the county get more money if they reassess every 4 years and the market values go up?
Or get less if market values go down, which could save homeowners money.
But seeing the way the RE market here is, hard to see values going down.
But IMO, I think we're rising too fast.
No need to keep up this rotten policy when appreciation in many areas is an issue.
I've never really had any issue with it. If the house is worth more, why would one not pay more taxes on it? People can disagree and provide documentation to get these adjusted.
Would you like to keep paying taxes on the original value of your car?
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The taxes you pay depend on your assessed value times the tax rate. The tax rate can always balance the assessments, either by going up or down. So unless your home is gaining or losing money at a much different rate than those in your town, your taxes should not change too much.
Can't compare to paying taxes on cars, though, since it is the registration cost that seems to be going up faster than taxes go down. At least for my pick-up truck this year.
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